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Boost Resilience to Prevent a Rise in Insurance Premiums

When the supply chain fails, insurance premiums do this neat trick of spiking through the ceiling and blasting off for Venus. To keep those premiums grounded to the Earth, Richard Gane has some tips to boost resilience. Shortening the supply chain when appropriate and fostering visibility allow manufacturers to quicker spot and correct potential problems. Consider the “footprint” of your company and analyze how all your locations factor into your risk profile. Understand how your individual suppliers manage their contracts and consolidate the chain wherever you can. Be willing to re-source contracts when it becomes clear that one supplier will fit your needs better than another, especially when it regards communications, item capacity, or contingency supply sources. When you do all of these things, you keep the insurance companies most willing to cover you for a cost that will not take you out of the stratosphere.

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